The judge allows amicus petitions in Favour of Ripple’s case against SEC
District Judge Analisa Torres of the U.S. District Court for the Southern District of New York allowed I-Remit and TapJets’ petitions to submit amicus curiae papers in Favour of Ripple Labs after the Securities and Exchange Commission withdrew its opposition.
I-Remit, a worldwide remittance provider, said in its proposed amicus brief that it does not use XRP “to speculate on it” nor does it consider XRP an investment, but TapJets stated that its acceptance of XRP as payment for its services is essential.
The SEC opposed to the two businesses’ applications to write amicus briefs on Tuesday, arguing that their planned arguments were unlawful efforts to present material outside the limits of discovery requirements and the standards of evidence.
An individual or group that is not a party to the case begs the court for permission to file an amicus curiae (“friend of the court”) brief in an effort to influence the court’s judgement.
In response to the SEC’s rejection, Ripple said that the SEC “mischaracterizes both the arguments and the law.”
Following the announcement, prices of XRP – the native token of XRP Ledger that drives Ripple’s payment network – rose 0.79 percent in the last 24 hours to US$0.4912 as of 3.15 p.m. in Hong Kong, according to data from CoinMarketCap. During the previous afternoon, XRP prices led a decline.
Similar to the Chamber of Digital Commerce, the court granted Chamber of Digital Commerce amicus curiae status last month. The SEC filed a complaint against Ripple and its officials in December 2020, stating that the sale of XRP constituted an unregistered issue of securities worth over $1.38 billion.